ICAN Code – NBC Institute

CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

Question

The Directors of Feedme Limited Group suggested reclassifying proceeds from sales of plant and equipment and loan notes as part of cash generated from operating activities to present the group’s cash health more favorably to shareholders during the next Annual General Meeting (AGM). Discuss the ethical issues involved and how the group accountant should handle the situation in line with the ICAN Code of Professional Ethics.

Answer

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Tags: Corporate Reporting, Ethics, Financial Integrity, ICAN Code
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

Question

Ethical standards as contained in the ICAN Code of Professional Conduct for Members are ………….. principles and statements.

Answer

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Tags: Accounting Ethics, Ethical Standards, ICAN Code, Principles, Professional Conduct
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

Question

You are the HR partner in Ekemode & Company (Chartered Accountants). As part of the continuous training program of your firm, you are to organize an in-house seminar to educate the staff of your firm on Rules of Professional Conduct. You have decided to emphasize the IFAC’s Code of Ethics for Professional Accountants published by the International Ethics Standard Board for Accountants (IESBA), which was recently adopted by ICAN into their localized code called “The Professional Code of Conduct and Guide for Members.”

Required:

a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

b. Explain independence of mind and independence of appearance to the staff. (5 Marks)

c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

(Total 20 Marks)

Answer

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Tags: Ethical Threats, Fundamental Principles, ICAN Code, IESBA, IFAC Code of Ethics, Independence, Professional Conduct, Professional Ethics
Level: Level 3

Topic: Ethical Issues in Auditing
Series: MAY 2018

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

Question

The ICAN Professional Code of Conduct and Guide for Members requires every member or student of the Institute to always “act professionally” and in “the public interest” in the discharge of their responsibilities.

Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)

Answer

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Tags: Ethics, ICAN Code, Professional Conduct
Level: Level 2

Series: NOV 2020

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Reporting, Ethics, Financial Integrity, ICAN Code
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

Question

Ethical standards as contained in the ICAN Code of Professional Conduct for Members are ………….. principles and statements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Ethical Standards, ICAN Code, Principles, Professional Conduct
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

Question

Required:

a. Explain briefly the FIVE fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

b. Explain independence of mind and independence of appearance to the staff. (5 Marks)

c. Explain briefly THREE general sources of threat to the fundamental principles of the IFAC’s Code of Ethics for Professional Accountants. (7½ Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical Threats, Fundamental Principles, ICAN Code, IESBA, IFAC Code of Ethics, Independence, Professional Conduct, Professional Ethics
Level: Level 3

Topic: Ethical Issues in Auditing
Series: MAY 2018

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

Question

Required:
a. Explain “act professionally” in relation to the ICAN code. (1 Mark)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, ICAN Code, Professional Conduct
Level: Level 2

Series: NOV 2020

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

Question Tag: ICAN Code

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CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

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Question Tag: ICAN Code

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CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

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AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing"

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

You're reporting an error for "AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing"

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

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AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

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CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting

Discuss ethical issues in reclassifying proceeds from plant sales and loan notes to operating cash flows.

You're reporting an error for "CR – May 2021 – L3 – Q1b – Ethical Issues in Corporate Reporting"

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing"

AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing

Educate staff on IFAC’s Code of Ethics principles, types of independence, and general sources of ethical threats in accounting.

You're reporting an error for "AAA – May 2018 – L3 – SB – Q4 – Ethical Issues in Auditing"

CSME – Nov 2020 – L2 – Q6a – Ethics in Business

Explain the term "act professionally" in accordance with the ICAN code.

You're reporting an error for "CSME – Nov 2020 – L2 – Q6a – Ethics in Business"

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

You're reporting an error for "AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing"

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